UAE markets fall to fresh four-year low

Dubai: UAE markets close lower for the fourth time in a week on Tuesday as fears about the health of the economy and bank credit drive selling in properties and banks.

Dubai's index - down more than 70 per cent this year - fell 2.22 per cent to 1,693 points, its lowest close since September 14, 2004, while Abu Dhabi's 3.69-per cent decline to 2,409 points takes the index to its worst finish since November 18, 2004.

At Dh2.41, Emaar Properties ended at its lowest close since June 10, 2004. The stock fell 3.6 per cent while Arabtec Holding fell 9.93 per cent.

In Abu Dhabi, Emirates Telecommunications Corp tumbled 8.85 per cent, Aldar Properties 6.41 per cent and First Gulf Bank 6.55 per cent.

Markets in Bahrain and Qatar close higher, led by industrial and banking shares.

The Qatar benchmark added 0.22 per cent to 6,716 points. Industries Qatar rose 2.41 per cent.

In Bahrain, Ahli United Bank and Gulf Finance House jumped 9.52 per cent and 9.91 per cent, respectively.

The index ended up 1.7 percent at 1,851 points, having hit its lowest close in almost four years on Monday.

Kuwait's index posted its biggest one-day gain in more than two months as investors snapped up blue chips ahead of a government plan to inject funds into key stocks in order to boost confidence amid a regional stock market rout.

Kuwait's measure rose 2.77 per cent to 8,438 points, its biggest single-day climb since October 9.